(a) This subsection (a) applies through December 31, 1992.
        (1) During the period of time that a unit of local
    
government is covered by this Act, the State shall not be required to distribute to the unit of local government any monies to which the unit of local government might otherwise be entitled except in accordance with the direction of the commission.
        (2) Any State assistance in the form of a loan or
    
grant from appropriated funds shall be subject to the expenditure control of the commission.
        (3) The commission may request the Illinois Finance
    
Authority to issue bonds, notes, or other evidences of indebtedness, the proceeds of which are to be used to make loans to the unit of local government for purposes of enabling that unit of local government to restructure its current indebtedness and to provide and pay for its essential municipal services. Such request may not precede the adoption of the financial plan required by Section 8 of this Act and shall be in accordance with the provisions of the Illinois Finance Authority Act.
    (b) This subsection (b) applies on and after January 1, 1993. During the period of time that a unit of local government is covered by this Act, the State shall not be required to distribute to the unit of local government any monies to which the unit of local government might otherwise be entitled.

Terms Used In Illinois Compiled Statutes 50 ILCS 320/10

  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
  Previous section
Next section  
 50 ILCS 320 Contents